Fannie Mae's Delegated Underwriting and Servicing (DUS®) Lenders are exclusively authorized by Fannie Mae to underwrite, close and deliver most loans without pre-review by Fannie Mae. This translates into the most efficient service available in the industry.
Fannie Mae’s Multifamily Mortgage Business provides first lien permanent mortgage loan financing options for the acquisition and/or refinancing of a wide variety of multifamily properties.
The delegated model allows licensed lenders like Hunt the ability to move clients through the loan process expeditiously, responding quickly with credit decisions, critical updates and any Fannie Mae guideline changes.
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Loan Amount: Starting at $6 million to well over $50 million
Fixed-Rate Terms: Choose from a 5, 7, 10, 12, 15 or 30-year fixed rate
Amortization: 30-years
Maximum LTV: 80% for Conventional properties; other asset classes vary
Minimum DSCR: 1.25x for Conventional properties; other asset classes vary
Eligible Properties: Conventional properties; Multifamily Affordable Housing Properties; Seniors Housing Properties; Student Housing Properties; and Manufactured Housing Communities.
Subordinate Financing: Supplemental mortgages are available after the first 12 months of the loan term or loan assumption
Prepayment: Flexible prepayment options available, including yield maintenance and declining prepayment premium
Recourse: Non-recourse execution is available with standard carve-outs for “bad acts” such as fraud and bankruptcy.
Occupancy: Properties must demonstrate a minimum occupancy of 90% for the 90-day period prior to commitment
Escrows: Lenders are delegated the authority to waive the Replacement Reserve for certain transactions. Replacement Reserve, tax,and insurance escrows are typically required for higher leverage transactions.
Assumability: Non-recourse loans are typically assumable, subject to review and approval of the new borrower’s financial capacity and experience
Early Rate Locks: Early rate lock feature is available, allowing the borrower to lock a rate after preliminary underwriting.